Last updated at 13:44, Thursday, 02 October 2008

THE so-called ‘New Labour’ Government continues its Tory policy of privatising everything in sight – the latest proposals are to privatise the highly successful publicly owned Tyne and Wear Metro system, but that’s only the latest in a long line of privatisations, contracting out arrangements, ‘private finance initiatives’ and franchises that have been brought in by ‘New Labour’ which has continued the obsessive free market greed, privatisation agenda left over from the Thatcherite Tories.

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However, when the banks go to the wall, when the bankers fail and bail out with mega-payments what happens? The ‘New Labour’ Government in Britain nationalises them – first Northern Rock, now Bradford and Bingley.

In America the administration prepared a rescue package for banks and finance houses using tax payers’ money. Right wing Republicans refused to support it believing that capitalism and free markets should be free to make money but shouldn’t be bailed out by the public purse if they failed. Some Democrats opposed it because the very banks getting bailed out were the same organisations who had paid out massive pay awards and bonuses to their directors.

Meanwhile, back in Britain as we approach winter it is reported that the energy companies – who have increased average household bills by a staggering 42 per cent since January this year – have handed out increased dividends to their shareholders.

The Government has failed to punish the greed of the energy companies by hitting them with a windfall tax, because ‘New Labour’ has to be seen to be business friendly and cosy up to the free market brigade in the City of London. At the Tory Conference the shadow chancellor described capitalism and the markets as a “casino” and said Gordon Brown should be blamed for much of the nation’s economic woes because he had been “handing our the chips” for the last 10 years.

Everywhere you look there is corporate and individual greed beyond belief. The people who really need a rescue package are those young people looking for a home with no chance of a mortgage and little chance of decent accommodation with the housing association, the pensioners, low paid and unemployed who’ll struggle to pay their fuel and food bills this winter and when I say low paid I mean nearly everyone reading this newspaper because for the most part Cumbria has a low wage economy.

It’s no good Labour MPs attacking corporate greed, mega bonuses and huge pay rises; attacking rocketing fuel prices when the energy companies are making massive profits; it’s no good them opposing contracting out and privatisation because it’s all happening under their Government – under Blair and Brown who they have slavishly supported.

CRAIG JOHNSTON
Newtown Road
Carlisle

First published at 11:49, Thursday, 02 October 2008
Published by http://www.newsandstar.co.uk